LAWFUEL – The Legal Newswire – Mr Kenneth David Evans, the former chief financial officer and director of TEAC Australia Pty Ltd, yesterday pleaded guilty to five charges in the Melbourne Magistrates Court following an investigation by the Australian Securities and Investments Commission (ASIC).
Mr Evans was charged with two counts of failing to act in good faith in the best interests of TEAC Australia, one count of dishonestly using his position as a director of TEAC Australia, one count of falsifying company books and one count of providing false or misleading information to the company’s auditor.
Four charges arise from Mr Evans’ actions following a $6 million shortfall at settlement from the sale in May 2002 of the TEAC Australia Port Melbourne premises to Bay St Corporation Pty Ltd, of which the late Mr Gavin William Muir, former managing director of TEAC Australia, was sole director.
The fifth charge of providing false or misleading information to the auditor arose from Mr Evans’ failure to disclose to the auditor of TEAC that he was aware, from at least early February 2005, that TEAC’s debtors as at 31 December 2004 were materially overstated.
Mr Evans was conditionally bailed to appear in the Victorian County Court on 18 December 2007.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Administrators were appointed to TEAC Australia in March 2005 and the business was sold in 2007 to Singaporean interests who are now trading under the TEAC name. Bay St Corporation is currently in external administration following the appointment of liquidators in April 2006.
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ASIC Media Unit
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